Recompra de ações e práticas de gerenciamento de resultados financeiros: um estudo empírico sobre as empresas listadas na BM&FBOVESPA

Abstract

Management of accounting results, however, with no intention to pass on financial information about firms to the market, in order to influence the stakeholders in the decision-making process. International studies aimed to detect the practice of earning management in the period prior to the use of the stock repurchase tool. Evidence was found that companies managed their lower numbers at the time of pre-repurchase, to repurchase the shares at undervalued amounts, generating possible abnormal gains subsequent to the use of the tool. The immediacy of the subject in Brazil already demonstrates its relevance, in order to verify if in the Brazilian stock market this practice occurs. Therefore, this study aimed to verify if Brazilian companies that bought back shares between the periods of 2011 to 2015, managed their smaller accounting numbers in the period before the purchase, and if this group of companies obtained abnormal gains after repurchase of shares, resulting from the reversal of discretionary accruals (earning management proxy). Specifically, it was also sought to verify if companies that managed their numbers to the smallest, possibly undervalued the value of their shares, presented a growth in the concentration of capital in the pre- and post-repurchase periods, as a result of the possible use of privileged information by the main shareholders, mitigating the company's minority shareholders. It also searches for a statistical response between the association of variables: level of earning management; variation in the concentration of share capital; and other variables commonly used in liturature as possible determinants of repurchase. As a research methodology, the Jones Modified and Performance Matching econometric models were used to generate discretionary accruals. To find the abnormal return, we calculated the difference between the actual return (closing return) and the expected return (CAPM model). The largest common stockholder, the three largest common shareholders, the largest shareholder over total capital, and the three largest shareholders over total capital are considered as measurement of capital concentration. Logit regressions were performed to evaluate the share repurchase determinants. The earning of the research indicated that there is evidence that companies use the management of earning to reduce profits in moments before the buyback of shares, in order to obtain abnormal gains in the later periods, being evidenced by a greater abnormal return after repurchase, between companies that supposedly managed their smaller numbers, previously the same, considering the Performance Matching model for detecting discretionary accruals. Also, the companies that managed their lower numbers, according to the Performance Matching model, showed an increase in the concentration of capital in the period after the repurchase, compared to companies that managed the highest numbers in the pre-repurchase period. And the level of earning management, using the Performance Matching model, the replacement of dividends and the size of the company, can be considered determinants of stock repurchase in the present study.